Eni (E) said Tuesday it has made a "significant" gas discovery in the Kutei Basin off the coast of Indonesia's East Kalimantan province.

Estimates indicate 600 billion cubic feet of gas initially in place, with a potential upside beyond 1 trillion cubic feet, the company said.

The discovery gives further confidence for the continuation of the planned exploration drilling program, which envisages the drilling of additional four wells next year in the Kutei Basin, Eni said.